KPMG backs Bina Mehta as chair in term extension
Partners at KPMG UK have voted to extend Bina Mehta’s term as chair by two years, as the Big Four firm seeks stability after its last chair resigned earlier this year amid a media storm.
Mehta, who was named as non-executive UK chair in February this year, was originally meant to be in the role for just 12 months but “overwhelming support” from KPMG’s 582 partners has led to a 24-month extension until February 2024.
Her predecessor, Bill Michael, abruptly resigned earlier in the year amid outrage, after he told KPMG staff to “stop moaning” about the impact of the pandemic to their working conditions.
Following the scandal KPMG split up the roles of chair and chief executive.
Mehta’s appointment as the first female chair of KPMG, after 30 years at the firm, will provide “continuity and stability,” said Jon Holt, who was selected as KPMG UK chief executive in April.
The Big Four firm, which employs over 15,000 staff and brought in revenue of £2.3bn last year, has been besieged by audit scandals, with the UK accounting regulator telling it to improve the quality of its audits.